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Coffeeshop Chit Chat - HDB shortage: BTO oversubscribed!</TD><TD id=msgunetc noWrap align=right> </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt_89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>1:24 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 2) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>35499.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Public housing shortage: BTO project in Punggol 6 times oversubscribed
July 2nd, 2010 |
Author: Your Correspondent
http://www.temasekreview.com/2010/07/02/bto-project-in-punggol-6-times-oversubscribed/
The latest BTO project in Punggol is 6 times oversubscribed a day after it was launched, a sign that the present supply of public housing is far inadequate to meet rising demand.
The prices of HDB resale flats continue to sky-rocket, rising 3.8 per cent to a fresh record in the second quarter compared to the first quarter based on preliminary figures released by HDB.
The Straits Times reports today that property analysts have revised their estimates for resale flat price rises to between 12 to 15 percent.
The astronomical prices are caused partly by the shortage of new flats and rising demand fueled by the relentless influx of foreigners.
The ruling party had made known its ambitious plan to increase Singapore抯 population to 6.5 million via immigration as early as 2005.
However, only slightly more than 11,000 new flats were built between the years 2006 ?2008 when there were over 90,000 PRs and 20,000 new citizens alone in 2008:
[Source: HDB Financial Report 2008/2009]
Below is a graph illustrating how the rise in the prices of resale flats coincides with the rise in the number of foreigners in Singapore between the years 2000 and 2008, courtesy of Kojakbt, the moderator of 3in1kopitiam:
Due to the ruling party抯 liberal immigration policy, foreigners now made up 36 per cent of Singapore抯 population, up from 14 per cent in 1990.
The influx of PRs also contribute to a spike in the prices of resale flats as they have higher spending prowess and are willing to spend more.
Two weeks ago, a new citizen from India and YPAP leader Sinha Shekhar boasted on the REACH Facebook that he owns both a private property and resale flat which is being rented out for income.
Mr Sinha even whined publicly that the rental from his HDB flat is insufficient to cover for his bank instalments when there are many young Singapore couples who are unable to afford a roof over their heads. He subsequently deleted his comments as he did not want to appear as a 搒how off?
Below is a snapshot of Mr Sinha Shekhar抯 comments, courtesy of our reader James Ong:
[Source: REACH Facebook]
Despite evidence showing otherwise, PAP National Development Minister Mah Bow Tan is adamant that PRs who form some 20 percent of the buyers of resale flats, have 搉o impact?on the prices. He also chided Singapore home buyers for being 揻ussy?
Debunking official myths of HDB flats series:
1 Myth 1: Singaporeans are 搊wners?of their HDB flats
2. Myth 2: HDB flats are 揳ffordable?to most Singaporeans
3. Myth 3: Rising prices of HDB flats 揼enerate?wealth for Singaporeans
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http://www.temasekreview.com/2010/07/02/bto-project-in-punggol-6-times-oversubscribed/
The latest BTO project in Punggol is 6 times oversubscribed a day after it was launched, a sign that the present supply of public housing is far inadequate to meet rising demand.
The prices of HDB resale flats continue to sky-rocket, rising 3.8 per cent to a fresh record in the second quarter compared to the first quarter based on preliminary figures released by HDB.
The Straits Times reports today that property analysts have revised their estimates for resale flat price rises to between 12 to 15 percent.
The astronomical prices are caused partly by the shortage of new flats and rising demand fueled by the relentless influx of foreigners.
The ruling party had made known its ambitious plan to increase Singapore抯 population to 6.5 million via immigration as early as 2005.
However, only slightly more than 11,000 new flats were built between the years 2006 ?2008 when there were over 90,000 PRs and 20,000 new citizens alone in 2008:
[Source: HDB Financial Report 2008/2009]
Below is a graph illustrating how the rise in the prices of resale flats coincides with the rise in the number of foreigners in Singapore between the years 2000 and 2008, courtesy of Kojakbt, the moderator of 3in1kopitiam:
The influx of PRs also contribute to a spike in the prices of resale flats as they have higher spending prowess and are willing to spend more.
Two weeks ago, a new citizen from India and YPAP leader Sinha Shekhar boasted on the REACH Facebook that he owns both a private property and resale flat which is being rented out for income.
Mr Sinha even whined publicly that the rental from his HDB flat is insufficient to cover for his bank instalments when there are many young Singapore couples who are unable to afford a roof over their heads. He subsequently deleted his comments as he did not want to appear as a 搒how off?
Below is a snapshot of Mr Sinha Shekhar抯 comments, courtesy of our reader James Ong:
[Source: REACH Facebook]
Despite evidence showing otherwise, PAP National Development Minister Mah Bow Tan is adamant that PRs who form some 20 percent of the buyers of resale flats, have 搉o impact?on the prices. He also chided Singapore home buyers for being 揻ussy?
Debunking official myths of HDB flats series:
1 Myth 1: Singaporeans are 搊wners?of their HDB flats
2. Myth 2: HDB flats are 揳ffordable?to most Singaporeans
3. Myth 3: Rising prices of HDB flats 揼enerate?wealth for Singaporeans
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